Umpleby, who has led Caterpillar since January 2017, will join Chevron's board on March 1, bringing Chevron's board to 12 members. He will serve on the board nominating and governance committees, Chevron said in a statement.

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Umpleby doesn't serve on any other corporate boards besides Caterpillar's.

John Watson retired on Wednesday as chairman of Chevron's board and chief executive.

Umpleby's appointment was the first move by Chevron's board under Mike Wirth, the new chairman and CEO.

Both companies are components of the Dow Jones Industrial Average.

Chevron is slated to report quarterly results on Friday. The company boosted its dividend this week by 4 percent. (Reporting by Ernest Scheyder; Editing by Nick Zieminski)